Driving Efficiency and Value in Security Risk Analysis and Risk Management Processes

Date: 08/25/2021
Start Time: 2:00pm
End Time: 3:00pm
Event Type: Online Focus Group
Session Speaker(s):

Steve Cagle MBA, Chief Executive Officer, Clearwater Jon Stone MPA, PMP, HCISPP, CRISC, SVP & Chief Product Officer, Clearwater

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Event Information

Many healthcare organizations attempt to build their own surveys and Excel spreadsheets to complete risk analyses and undertake Cyber Risk Management. These home-grown solutions rarely scale, are not updated with ever-changing threats and vulnerabilities, and provide no way in which to implement and mature an ongoing risk management program. These spreadsheets usually combine regulatory requirements such as the HIPAA Security Rule or PCI DSS with a column designated to use for some level of risk. This checklist-based approach conducted via these spreadsheets typically do not create value, have not been found acceptable evidence of compliance in Office for Civil Rights enforcement actions, and, more importantly, have failed to help organizations become more secure. During this focus group, senior leaders from Clearwater will review how, unlike these checklists and spreadsheets, the company’s IRM|Analysis® software solution: 1. Uses algorithms to group system components logically according to their unique properties, 2. Enables an analyst to associate these components with one or more information systems for which they are utilized, 3. Employs built-in algorithms to determine potential vulnerability and threat scenarios that should be considered, 4. Automatically suggests which controls (e.g. based on NIST 800-53) are recommended to mitigate threats exploiting vulnerabilities in these specific scenarios, 5. Provides a means to assess risk based on both the likelihood of an event (based on the controls in place or not in place), and the harm that would be caused (based on the importance of the information system or its data), and 6. Leverages artificial intelligence and machine learning technology to draw upon the software’s vast pool of data to suggest how to rate risks 7. Enables an organization to prioritize and report on risks across the enterprise in a consolidated manner through integrated reporting tools and dashboards The Clearwater team will seek your feedback on how these capabilities can advance your current risk analysis and risk management processes and help your organization become more compliant and more